Pub group Young's says it is unfazed by Brexit vote uncertainty

 
Francesca Washtell
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The pints are still pouring at Young's (Source: Getty)

Pub group and brewer Young's has shrugged off Brexit fears, saying it is "well positioned" to ride out the economic uncertainty that has formed in the wake of the EU referendum result.

"Clearly, the result of the EU referendum has created considerable political and economic uncertainty and it would be unwise for us to speculate at this early stage on the longer-term effects on the consumer," chairman Nick Bryan said in a trading update at the company's AGM.

"We remain focussed on our proven strategy and are well positioned to deliver an excellent customer experience as well as superior returns for our shareholders."

Read more: London's drinking hotspots outdid the rest of the UK in May

Bryan added that the company has had a "good start" to the current trading year, without much help from the weather - which affected revenues across the pub sector this spring.

Two new acquisitions in Bermondsey and Chipping Norton and the full-year benefit of eight pubs opened last year had helped drive sales momentum.

Young's operates more than 200 pubs and owns the Burgershack & Bar brand.

In the first quarter, managed house revenues were up 6.5 per cent in total and up 4.1 per cent on a like-for-like basis.

Read more: Young's and Co on trend as gin and sparkling wine sales jump

However, shares were down almost two per cent in early afternoon trading, to 1,196.25p.

Young's Young's | mobile image

The company's chief executive will also step down today after 13 years at the helm of the pub group and brewer.

Stephen Goodyear announced he would step down in late March and will hand over to Patrick Dardis, Young's retail director, who has been on the board of directors since 2003.

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